STREAM AND ROYALTY INTERESTS, NET (Tables)

6 Months Ended

Jun. 30, 2026

STREAM AND ROYALTY INTERESTS, NET

Schedule of Stream and Royalty Interests

The following tables summarize our stream and royalty interests, net as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 (amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	4,950,297	$	(1,472,326)	$	3,477,971
Royalties	2,364,254		(830,974)		1,533,280
Total production stage interests	7,314,551		(2,303,300)		5,011,251
Development stage interests:
Streams	252,504		—		252,504
Royalties	597,791		—		597,791
Total development stage interests	850,295		—		850,295
Exploration stage interests:
Streams	800,495		—		800,495
Royalties	1,938,428		—		1,938,428
Total exploration stage interests	2,738,923		—		2,738,923
Total stream and royalty interests, net	$	10,903,769	$	(2,303,300)	$	8,600,469

As of December 31, 2025 (amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	4,190,864	$	(1,359,206)	$	2,831,658
Royalties	2,319,553		(760,108)		1,559,445
Total production stage interests	6,510,417		(2,119,314)		4,391,103
Development stage interests:
Streams	936,726		—		936,726
Royalties	581,746		—		581,746
Total development stage interests	1,518,472		—		1,518,472
Exploration stage interests:
Streams	776,358		—		776,358
Royalties	1,897,942		—		1,897,942
Total exploration stage interests	2,674,300		—		2,674,300
Total stream and royalty interests, net	$	10,703,189	$	(2,119,314)	$	8,583,875